Former US treasury secretary calls cap on Russian oil a ridiculous idea

Putting a price cap on Russian oil is the dumbest idea they could come up with, former U.S. Treasury Secretary Steven Mnuchin told CNBC

Former US treasury secretary calls cap on Russian oil a ridiculous idea

In an interview with the channel, the former minister in the administration of former President Donald Trump said that such an initiative by the G7 countries was impossible.

“Not only is it not feasible! My opinion is that it is the most ridiculous idea I have ever heard from G7 countries’ statements,” the politician said.

Also, Steven Mnuchin noted that there are already many regions that bypass the Western ban and buy oil from the Russian Federation. He believes that fuel prices will ultimately be set by the market.